If you don’t already work with a personal financial advisor or financial coach, you may have never completed a personal financial statement. From a recordkeeping perspective, creating and maintaining a personal financial statement summarizing your current assets and liabilities is a tremendously important estate planning matter. In creating a list of assets and liabilities in one centralized location, you are saving your friends and family members a tremendous amount of time trying to determine, following your death, the nature and extent of your assets and liabilities following your death. Below please find an example of a personal financial statement.
| John & Jill Client | |||||||||||
| List of Assets & Liabilities | |||||||||||
| Current as of February 1, 2018 | |||||||||||
| Type of Asset | Ownership | Approx. Value | Contact Information | Other Notes | |||||||
| Real Estate | |||||||||||
| Homestead | Jill’s Trust | 500,000 | Legal description | ||||||||
| Cabin | Jill’s Trust | 350,000 | Legal description | ||||||||
| Liquid Assets | |||||||||||
| US Bank | Joint | 50,000 | Steve J. (Phone) | Edina Branch | |||||||
| Minnesota Bank & Trust | John’s Trust | 80,000 | Peter S. (Phone) | Minnetonka Branch | |||||||
| Securities Accounts | |||||||||||
| Fidelity | John’s Trust | 400,000 | Reid at Fidelity Phone) | ||||||||
| Vanguard | Jill’s Trust | 50,000 | Scott at Vanguard (Phone) | ||||||||
| Retirement Accounts | |||||||||||
| IRA | John | 1,500,000 | Reid at Fidelity (Phone) | ||||||||
| IRA | Jill | 100,000 | Scott at Vanguard (Phone) | ||||||||
| 401(k) | John | 2,200,000 | HR Department at Work | ||||||||
| Insurance | |||||||||||
| Term Life Insurance | John | 1,500,000 | HR Department | Death Benefit only; no cash value | |||||||
| Type of Liability | Guarantor | Approx. Value | Contact Information | Other Notes | |||||||
| Real Estate Mortgage(s) | |||||||||||
| Homestead | John and Jill | Steve J. (Phone) | Held with U.S Bank | ||||||||
| Cabin | None | ||||||||||
| Unsecured Debt | |||||||||||
| Chase | Joint | Paid off every month | |||||||||
| U.S. Bank CC | Joint | Paid off every month | |||||||||